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Compliance

Can UK financial advisers still cold-call prospects?

Last reviewed 22 April 2026 · Reviewed by Jake McQuillan

Quick answer

Can UK financial advisers still cold-call prospects?

Cold-calling on pensions is banned since January 2019. Cold-calling on other regulated products (mortgages, protection, investments) is legal but heavily restricted by PECR and FCA rules. Most successful firms have moved to inbound paid acquisition.

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The ban

Pensions cold-calling has been illegal in the UK since 9 January 2019 (Financial Guidance and Claims Act 2018). Fines up to £500,000.

Other products

  • Mortgages, protection, investments: legal but regulated under PECR.
  • Must check TPS (Telephone Preference Service) before calling consumers.
  • Must have a clear basis (consent or soft opt-in).
  • Consumer Duty applies to any regulated-advice interaction.

Why most firms moved away

  • Low conversion rates (sub-1% connect-to-meeting typical).
  • Compliance risk of scripts and recordings.
  • Regulator scrutiny post-British Steel.
  • Inbound paid leads convert 10 to 30x higher.

Legal alternatives

  • Inbound paid (Google, Meta, LinkedIn).
  • Content and SEO.
  • Referral programmes.
  • Webinars and events.
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JM
Reviewed by
Jake McQuillan
Founder at Platinum Prospects
Last reviewed 22 April 2026

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